Bitcoin price remains above the $33,200 support area. Unless there is a close below the 100 hourly simple moving average and $33,400, BTC is likely to start a fresh increase.
Bitcoin is still struggling to break above the $35,000 resistance level.
The price is trading above $33,500 and the 100 hourly simple moving average.
There is a connecting bearish trend line in place with resistance near $34,120 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair could start a fresh increase if it breaks out of the trend line and surpasses $34,555.
Bitcoin price holds key support
Bitcoin price failed to close above the $35,000 resistance area. BTC started a fresh decline below $34,500. The price also declined below the $34,000 area before the bulls emerged.
A low was formed near $33,717 and the price remains well above the 100 hourly simple moving average. It is slowly rising above $34,000. There was a break above the 23.6% Fib retracement level of the down move from the $35,140 swing high to $33,717 low.
Bitcoin is currently trading above $33,650 and the 100 hourly simple moving average. On the upside, an immediate resistance is near $34,100. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair.
The next key resistance is likely to be near $34,550, which is the 61.8% Fibonacci retracement level of the downward move from the $35,140 swing high to $33,717 low. The main resistance remains near the $35,000 area.
Bitcoin falls again?
If bitcoin fails to clear the $34,550 resistance, it could start another decline. An immediate support on the downside is near $33,700.
The next major support is near the $33,400 level and the 100 hourly simple moving average. If the price declines below the 100 hourly simple moving average, there is a risk of further downside. In the mentioned case, the price could decline towards the $31,500 level in the coming sessions.
